. >> reporter: john boehner dug in. no rate rises on anyone. >> the president's idea of a negotiation is roll over and do what i ask. >> reporter: the opening bid brought the gop leaders by geithner is a nonstarter. >> i was flabbergasted. i looked at him and said, you can't be serious. >> reporter: included in the offer, $1.6 trillion in new revenue, twice what was on the table in last year's failed grand bargain, and $600 billion in spending cuts, much of it from medicare, not nearly good enough, say republicans who insist the president show more of his hand. >> the white house keeps spiking the ball on tax increases for the wealthy, but it's not yet been forthcoming on real entitlement reform. and without the two, there really is no deal. >> reporter: for now, the sides are far apart. >> what the chances we're going to go off the cliff? >> there's clearly a chance. >> reporter: with time running out, many on both sides say the time for posturing is over. >> at a certain point in time, we have to quit playing to the c